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Ethereum's Optimism (OP) Up 35% Since Friday, Here's What's Behind It

Sun, 01/22/2023 - 13:40
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Gamza Khanzadaev
Optimism sets new all-time high as OP token up 35% in three days
Ethereum's Optimism (OP) Up 35% Since Friday, Here's What's Behind It
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The Optimism network token, OP, has risen more than 30% in the past three days and has become one of the most profitable major crypto assets of the entire week with this result. At the peak of $2.5 per token, the price of OP reached its all-time high, if you don't count the $3 price at which the Optimism token was distributed to early adopters.

OP to USD by CoinMarketCap

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Why did Optimism (OP) take off like this?

One of the reasons for the rapid takeoff of OP in quotes can be called the "global warming" of the crypto market. The second is the fact that Ethereum's Layer 2 networks are experiencing a period of explosive interest and growth in the number of users, transactions and locked value. Optimism is one of the leaders with a TVL of $635 million, 2.64 million unique addresses, of which 70,000 use the network daily.

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The numbers in the quotes indicate the same, when OP rose against ETH by 85% in January. The biggest impulse against both the dollar and the Ethereum network token occurred just on Friday, which proved the interest of the market in the fundamentally strong project and took the OP price to new heights. Probably, with the expected increase in usage of Ethereum Layer 2 networks in 2023, we should expect the optimistic trend to continue.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.